Morganite Crucible (India) Ltd

Morganite Crucible (India) Limited (Formerly known Greaves Morganite Crucible Ltd.) jointly promoted by Morganite Crucible Limited and Morgan Terrassan BV, was incorporated in January 13, 1986. The Company is primarily engaged in the manufacture and selling of silicon carbide and clay graphite crucibles and its accessories.The Company was marketing Morganites crucibles in India, when it started manufacturing 600 tpa silicon carbide crucibles using resin bonded technology at Waluj, Aurangabad in 1987. It went public in Aug.87. The British collaborator holds a 28% stake in the company.The companys collaborator, Morganite Crucibles, is engaged in this business for the past 100 years. Crucibles are used as containers for melting and holding molten metal. The company which manufactures resinbonded silicon carbide crucibles, caters to the nonferrous metal industry.In Oct.94, the company obtained ISO 9002 certification from Bureau Veritas Quality International (BVQI). It exports to Egypt, Srilanka and Nepal through its concessionaires.Expansion programme for manufacturing of Clay Graphite Crucibles had been completed and commercial production started on February 2001 and export of products had also commenced. In 200102 the company had manufactured 80.15 MT of Clay Graphite Crucibles.During 2010, the Company completed and capitalized in its books the expansion/modernisation of its plant to Rs. 172.28 Lacs for increasing the production capacity and initiated the proceedings for expansion of production capacity to the tune of 6500 MT PA.During 2011, the Company completed and capitalized in its books the expansion/modernisation of its plant to Rs. 284.18 Lacs. It started diversifying activities such as trading and manufacturing of Foundry Consumables and refractory materials for which company has started first phase of testing and development foundry lubricant i.e. Die lube.During 2012, the Company completed and capitalized in its books the expansion/modernisation of its plant to Rs. 173.28 Lacs.During 2013, the Company completed and capitalized in its books the expansion/modernisation of its plant to Rs. 388.48 lacs.During the year 201718, the company purchased 49% stake of Diamond Crucible Company Limited (DCCL) from Terrassen Holdings Limited in the month of July, 2017 resulting in DCCL became wholly owned subsidiary of Company. Accordingly, the Company approved from the National Company Law Tribunal, (NCLT) Mumbai bench the Scheme Amalgamation between Diamond Crucible Company Limited and Morganite Crucible (India) Limited of both the Companies on February 22, 2018 from an appointed date of October 1, 2017.During the year 2018, the Board of Directors of Company approved expansion of clay graphite products at Aurangabad site. In year 2020, the Company discontinued the operations of Mehsana Plant w.e.f. February 1, 2020 and relocated the Mehsana Plant to Aurangabad. Further, as part of Project Avatar Phase II and considering synergy, cost optimization and further focus on product development, the members of the Company December 02, 2019 approved transfer of Mehsana Unit business by way of shifting of plant and machineries to Aurangabad Unit, Maharashtra.In 202021, the Company completed installation of high temperature Kiln, shifting of LPG yard to new location, replacement of fire hydrant system, installation of sprinklers in the factory premises, administration building construction and shifting of remaining plant and machineries from Mehsana to Aurangabad site. It signed Power Purchase Agreement (PPA) with Amplus Solar for installation of 835 kWp at Aurangabad site and completed PhaseI installation of 540 kWp. It also signed Net Metering Agreement with MSEDCL for getting continuous benefit of subsidy from MSEDCL.The Board of Directors in their meeting held on February 10, 2021 approved sale of the companys land and building assets in Mehsana, Gujarat to M/s Manmohan Steel Traders at a consideration of Rs. 900/ lakhs. As of December 31, 2021, Company completed therelocation of entire plant and machineries from Mehsana to Aurangabad, and disposal of the land and building assets. It made significant progress in completing the remaining expansion activity at the Aurangabad site including installation of required machineries transferred from Mehsana, construction of new logistics warehouse building.